New Member from Beaumont, Texas area

[Aaron Rowzee]

Hello BP! A newbie here from the Golden Triangle. I've been lurking for a few weeks and decided to sign up and do a few webinars. Looking forward to learning and networking in my area. I am currently in the IT field and my wife is self employed. We have a shaved ice stand in Lumberton, and we're both very entrepreneurial so we're always looking for the next thing to get our hands in. We happen to stumble upon the idea of REI through friends of ours who own 3 rent houses in the area and the more we investigated the possibility, the more acquaintances we found that do it, and the more we saw that it felt our lifestyle and life goals (to be financially independent and able to do missions work).

So here I am, trying to consume all of this great info, and get familiar with this huge community. Its a bit overwhelming!

[Michael Lee]

Hello and I am glad you are here!  I am 60 years old and was born and raised in Dallas Texas. There is no big push to try to get going in real estate investments because most areas are in a seller's market meaning prices are up and inventory is low.  That does not mean there aren't still some good deals out there.  I now live in NW Dallas County.

Unless our new president screws up with immigrates to this state.  I believe the area around Bauemont just make sure the market you select is diverse and has a growing population.  Whoever you decide on a niche and a market area there are few things that y'all need to consider before you start making offers.

One of the day things yall should consider is forming some type of corporation or a LLC. Y'all might want o hire an attorney, and/or a CPA, or tax consultant to advise you on which way to go. That will help comfort the existent owner feel more of a comfort knowing that you will have a closing. Do not try to do everything yourselves.

Another one of those things to figure your financing and get a loan letter from your lender to provide you with a statement that says the average time to close a loan for you like yours and the maximum amount y'all qualified for.

The last that I wil mention is to find a location to move into, if you have not located  yours allready, a new business location that is convient and has few distractions.  Y'all can locate that new ones cation in your living place if you can close it off and it has few distractions, especially personal ones.

Always remember to research your prospective properties by doing math analysis and try to look at it or have a clause in the purchase property contract that gives you the time (usually 10 to 15 days) to make a detailed inspection upfront and possibily back out of the subject property deal without a penalty that hurts you too much.

Find/hire a local and experienced in what you do to help you get things accomplished for you that meets your goals and plans.  Primary Team members are typically Attornies, and/or a CPA, and/or a tax consultant that advises y'all on the best way to go.

Track all of your expenses and income project by project in a report form.  Review that them regularly with a few people that you trust to help all of you to reduce expenses and gain income.  Try to keep control of everything you are responsibly responsible for.  Do not believe titles on their business card because you may soon find out that they are not smarter than you are.

In the beginning, it is OK to hire out as needed even if it is part time.  This is probably long enough but I have plenty to say.  Contact me if you think I can help you in any way through BP since I am on it everyday.  Keep everything as simple as you can and just do what is average in that neighberhood.

Good luck to both of you!